XRP Price Won’t Reach $1 Until Bitcoin Consolidates, Says Deaton

Soon after the Ripple court ruling last month in mid-July, the XRP price gained nearly 100% in a week’s time reaching the 2023-high of $0.85. However, it has entered into major retracement with XRP now trading at $0.64 and a market cap of $33 billion.

It seems that the excitement of Ripple’s win over the SEC has fizzled out with XRP investors waiting on the sidelines for the price to reach $1. Well-known supporter of cryptocurrencies and lawyer, John Deaton, has pointed out the reasons behind XRP’s failure to reach $1, even though the coin received regulatory clarity through the XRP vs SEC case.

In a recent tweet, Attorney Deaton mentioned that if he had predicted that XRP would gain regulatory clarity but not reach $1, many would have found it hard to believe. Similarly, he noted that people might have been skeptical if he had said that PayPal would introduce a stablecoin linked to the US dollar on the Ethereum network, and yet ETH wouldn’t experience a significant increase in value.

Deaton emphasized that the reason the XRP price is not making strong gains is that Bitcoin entered a strong consolidation. He further added that Bitcoin, the largest cryptocurrency in terms of market capitalization, holds significant influence over the market. “Like it or not, Bitcoin drives this market, IMO,” said Deaton.

If I had told you #XRP would get regulatory clarity but not hit $1, many wouldn’t have believed it. Likewise, if I had told you PayPal would issue a stable coin on Ethereum but #ETH wouldn’t increase at all, many wouldn’t have believed it. Like it or not, #Bitcoin drives this…

— John E Deaton (@JohnEDeaton1) August 8, 2023

Gemini Teases XRP Listing, Will It Push XRP Price to $1?

In a tweet on Monday, August 7, crypto exchange Gemini teased listing the XRP cryptocurrency on its platform. “Me, the intern, patiently waiting for Gemini to list XRP,” posted Gemini in its tweet.

Me, the intern, patiently waiting for @Gemini to list XRP.
(i want some) pic.twitter.com/I7r7QBjYKR

— Gemini (@Gemini) August 7, 2023

Not long after the significant July 13 decision regarding Ripple, Gemini expressed its interest in potentially providing XRP, and several other exchanges also took steps to reintroduce the cryptocurrency. “Given today’s ruling that the sale of XRP on exchanges is not a security, Gemini is exploring the listing of XRP for both spot and derivatives trading,” the exchange tweeted.

Other exchanges like Coinbase have already made the move. On the very next day of the XRP lawsuit ruling, Coinbase relisted XRP on its platform providing a massive boost to its trading volumes.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.